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January 30, 2002

Alcoa and Alcoa Foundation Today Announce Combined Community Giving for 2001; International Giving for Alcoa Foundation Increases by 86%, Expands to 26 Countries

PITTSBURGH--(BUSINESS WIRE)--Jan. 30, 2002--Alcoa and Alcoa Foundation today released highlights of combined community giving for 2001. In spite of a challenging year, both entities continued to significantly support communities around the world where Alcoa operates. The highlights include a combined total of more than $52 million in giving from Alcoa and Alcoa Foundation.

Alcoa's corporate contributions totaled approximately $13 million in grants and $18 million in one-time gifts related to real estate. The real estate gifts include the difference between the appraised value and the price paid by the University of Richmond for the former headquarters of Reynolds Metals Company, as well as the endowment of the Regional Enterprise Tower, Alcoa's former headquarters building in Pittsburgh.

Alcoa Foundation reported an increase in the scope of its international giving and the seventh consecutive year that overall giving rose by $1 million or more over the previous year. The Foundation's grantmaking totaled $21.3 million compared with $20.1 million in 2000. In addition, the Foundation reported additional grants of $190,250 from Alcoa-Alumax Foundation, a separate entity that Alcoa Foundation has managed since Alcoa's acquisition of Alumax in 1999, and contributions of $457,532 from Instituto Cultural e Filantropico Alcoa, a separate Brazil-based foundation.

"I am proud of this commitment to Alcoa communities worldwide," said Alain Belda, Chairman and Chief Executive Officer of Alcoa. "These grants reinforce our values, our worldwide reach, and our active investments in the communities where Alcoans live and work."

Alcoa Foundation's international giving increased for the third straight year, up 86%, or $6.7 million compared with $3.6 million in 2000. The Foundation made over 2,500 grants in 26 countries in 2001 as part of an overall strategy to improve the quality of life in the growing number of Alcoa communities worldwide.

These Foundation grants were focused on local needs, as well as five Areas of Excellence: Conservation and Sustainability; Safe and Healthy Children and Families; Skills Today for Tomorrow; Global Education in Science, Engineering, Technology and Business; and Business and Community Partnerships.

"These Areas of Excellence underscore values shared by Alcoa and Alcoa Foundation, build on our common competencies, and focus our grantmaking for greater potential," said Kathleen W. Buechel, president of Alcoa Foundation. "They provide global reach and local impact and will continue to evolve as our experience with nonprofit partners grows."

In 2001 Alcoa Foundation launched thirteen grantmaking teams within Alcoa businesses that enriched and guided giving in Alcoa communities around the world because of their local insight. The Areas of Excellence provided the framework as these teams identified needs and responded with financial resources as well as materials, expertise, and employee volunteers.

Contributions from Alcoa included the Western Pennsylvania Historical Society, support for the Reynolds Center of Business History at the Virginia Historical Society, and $1.5 million in continued support for 29 universities in the U.S., which represent Alcoa's partnerships and support diversity and global link for these institutions.

International Disaster Relief and 9/11

Support of disaster relief continued in 2001. Alcoa Foundation provided a grant of $75,000 to the American Red Cross for immediate needs following the events of September 11. In addition, Alcoa pledged $2 million in contributions and up to $1 million more to match employee and retiree contributions to assist in relief and recovery efforts in the affected communities. The first round of contributions assisted small- and medium-sized businesses in danger of going out of business near Ground Zero in New York. Alcoans have also volunteered to provide financial mentoring to these businesses.

In addition, Alcoa Foundation supported relief efforts following flooding and other natural disasters in Alcoa locations in Peru, India and France.

Employee Engagement

In 2001, The Foundation initiated an employee program called ACTION, shorthand for Alcoans Coming Together In Our Neighborhoods. ACTION recognizes and rewards employee involvement with nonprofit organizations and provides grants of $3,000 to nonprofit organizations where ten Alcoans provide a day of service. In 2001, more than 100 teams of Alcoans volunteered in over 50 Alcoa communities worldwide. Their work ranged from developing bike routes through Portland, Australia, to educating young boys in Brazil about their health needs and the services that are available to them.

Aluminum by Design

In addition, Alcoa Foundation provided grants for global programs, including a continuation of its grant to the Carnegie Museum of Art in Pittsburgh, to build its capacity as the international curator of Aluminum by Design: Jewelry to Jets. This groundbreaking presentation was the first major museum exhibition to explore how aluminum has inspired creativity and sparked innovation in design for the past 150 years. After closing in Pittsburgh in February 2001, the exhibition traveled to the Cooper-Hewitt National Design Museum, Smithsonian Institution, New York; Musee des Beaux-Arts de Montreal; and The Wolfsonian-Florida International University in Miami. It is scheduled to open at the Cranbrook Art Museum, Detroit in spring, 2002 and the Design Museum, London in the fall of 2002.

About Alcoa

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina. It is active in all major aspects of the industry -- technology, mining, refining, smelting, fabricating and recycling.

About Alcoa Foundation

Established in 1952, Alcoa Foundation actively invests in improving the quality of life in more than 26 of the countries around the world where Alcoa operates. For more information about Alcoa Foundation, visit "Community" at